Flex downsizing on troubles with sole clinical program

Flex Pharma Inc. (NASDAQ:FLKS) plummeted $3.14 (75%) to $1.04 on Wednesday when the company said it is cutting headcount by about 60% after discovering its sole clinical program, FLX-787, will require additional work that stretch beyond the biotech's current means. Flex said it will evaluate strategic alternatives, including a sale.